A £50m ($68m) glass mansions scheme in London’s Mayfair has been rented to two European families for a combined rental value of £17,000 per week by estate agents Beauchamp Estates and Wetherell.
With the rental cost for one year coming in at £884,000, the annual rent is four times the cost of the UK average house price of £245,443.
This is “one of the largest and most significant ultra-prime rental achievements in Mayfair in the last few years,” the agents said in a statement to Yahoo Finance UK.
Designed by a Mayfair developer and Richard McCarthy of architectural practice Scott Brownrigg, the Down Street Mews residential project is designed so that it can either be configured as two separate four-storey houses or a single glass mansion, complete with roof gardens, balconies and an underground four car garage.
The £17,000 per week rental figure was achieved by the agents letting the Down Street Mews scheme as two separate glass houses, each with four bedrooms, a passenger lift, a private cinema, a sauna and steam room and two underground parking bays.
The Beauchamp Estates deal is a 24 month tenancy, with an eight month break clause while the Wetherell deal is a 24 month tenancy with no break clause.
One was let to a family from Germany. This house, not dressed, offers 6,964 square feet of living space and. It has two reception rooms and a spa.
The other house was let to a young family from France. The dressed house provides 6,619 square feet of living space, with a roof garden and patio.
The house, three reception rooms and a swimming pool.
The Down Street Mews scheme was launched to the market by Beauchamp Estates at the end of September last year and have been let within 12 weeks.
Both tenancies are also ‘try before you buy’ so the new residents may become the owners of the townhouses.
Peter Wetherell, founder and chairman of Wetherell, noted that “the rapid and successful letting of Down Street Mews underlines the popularity of Mayfair as the most sought after residential address in prime central London. The French and German origin of the tenants shows Mayfair’s popularity with residents from around the world.
“The success of Down Street Mews, despite the challenges of COVID-19 and the lockdown, shows that Mayfair remains one of the best places in London to invest in property and live,” he added.
The mews is powered by carbon neutral ground sourced engineering, and come with spacious living areas, generous ceiling heights, floor-to-ceiling windows, full height panelled doors and bespoke joinery.
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